Chainlink Overtakes Dogecoin as Former’s Market Cap Continues to Soar
In a surprising turn of events, Chainlink has successfully surpassed Dogecoin, taking its place as the 11th most valuable cryptocurrency on the market. With a market cap of $11.46 billion, Chainlink has displaced Dogecoin, which now sits at 11th position, with a market cap of the same amount.
The decline in Dogecoin’s ranking can be attributed to its lackluster price action. Currently priced at $0.080, the coin has experienced a significant 12.78% decrease since the start of the new year. In stark contrast, Chainlink has enjoyed a 30.07% increase on a Year-To-Date basis, with its current price standing at $20.20.
Market cap, which is determined by the price and circulating supply of a cryptocurrency, further highlights Chainlink’s dominance over Dogecoin. With a circulating supply of 58.01 million, Chainlink surpasses Dogecoin’s 143.04 billion. Moreover, the trading activity and investor participation surrounding Chainlink also outshines Dogecoin.
Aside from price action and trading activity, another factor contributing to Dogecoin’s decline is its dwindling on-chain activity. Data reveals a significant decrease in transaction volume and transactions in the $100,000 to $1 million range. These numbers indicate a shrinking interest in buying and selling Dogecoin, possibly stemming from a loss of market confidence in its short-term potential.
The future for Dogecoin looks uncertain, with predictions suggesting its price might plummet even further to $0.077 if the current trend continues. On the other hand, if the coin manages to break through the resistance at $0.083, it could see a price increase up to $0.090. However, the decrease in buying momentum, as indicated by the Relative Strength Index, makes a recovery less likely at this time.
Chainlink’s rise to prominence and Dogecoin’s consequent decline serves as a reminder of the ever-evolving nature of the cryptocurrency market. As investors and traders navigate the volatile landscape, it remains to be seen how these rankings will continue to shift in the coming days and weeks.
Analyst comment
Positive news for Chainlink as it surpasses Dogecoin in market cap rankings. Chainlink’s strong price action and investor participation contribute to its dominance. Dogecoin’s decline is attributed to lackluster price action, dwindling on-chain activity, and a loss of market confidence. The future for Dogecoin looks uncertain with a potential further price decline, while Chainlink’s rise highlights the ever-evolving nature of the cryptocurrency market.
